ABSTRACT
This chapter explores various ways to measure the effectiveness of risk management activities. A range of different approaches are discussed, specifically: measuring the effectiveness of individual risk treatments; estimating the mitigating effect on major disruptions; evaluating the success of implementation; and quantifying the overall impact of risk management programmes. Ultimately, each of these approaches has pros and cons: none are perfect. A pragmatic approach is therefore recommended, utilising a combination of techniques and making use of external data where possible. Monitoring effectiveness is a critical ongoing element of any risk management programme, although the precise combination of techniques used may well change over the lifetime of the programme.
